DekaBank Deutsche Girozentrale Sells 16,140 Shares of Cummins Inc. $CMI

DekaBank Deutsche Girozentrale trimmed its stake in Cummins Inc. (NYSE:CMI) by 5.1% during the 2nd quarter, HoldingsChannel reports. The fund owned 300,506 shares of the company’s stock after selling 16,140 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Cummins were worth $98,809,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Stephens Inc. AR raised its stake in shares of Cummins by 3.1% in the second quarter. Stephens Inc. AR now owns 1,937 shares of the company’s stock worth $635,000 after purchasing an additional 58 shares during the last quarter. LMG Wealth Partners LLC purchased a new position in shares of Cummins in the second quarter worth $206,000. Balboa Wealth Partners purchased a new position in shares of Cummins in the second quarter worth $305,000. Forvis Mazars Wealth Advisors LLC raised its stake in shares of Cummins by 19.3% in the second quarter. Forvis Mazars Wealth Advisors LLC now owns 10,315 shares of the company’s stock worth $3,378,000 after purchasing an additional 1,668 shares during the last quarter. Finally, Chicago Partners Investment Group LLC raised its stake in shares of Cummins by 47.2% in the second quarter. Chicago Partners Investment Group LLC now owns 2,328 shares of the company’s stock worth $843,000 after purchasing an additional 746 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 8th. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a research note on Monday, August 11th. Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a research note on Wednesday, September 3rd. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Finally, JPMorgan Chase & Co. upped their price objective on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $410.50.

Cummins Stock Up 0.6%

Cummins stock opened at $414.13 on Tuesday. The stock has a market cap of $57.06 billion, a PE ratio of 19.47, a price-to-earnings-growth ratio of 1.99 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a one year low of $260.02 and a one year high of $440.51. The stock has a fifty day moving average of $411.61 and a 200 day moving average of $354.33.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. During the same quarter in the prior year, the business earned $5.26 earnings per share. Cummins’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s payout ratio is currently 37.61%.

Insider Buying and Selling at Cummins

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of the business’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the sale, the director owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. The trade was a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Mark Andrew Smith sold 8,000 shares of the business’s stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $439.30, for a total value of $3,514,400.00. Following the sale, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at $13,873,972.60. This represents a 20.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,119 shares of company stock valued at $17,674,285 in the last ninety days. 0.41% of the stock is currently owned by company insiders.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.